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IRA Contribution Deadline Approaching

From the President's Desk...

As we move into April, perhaps the last thing on your mind is contributing to your Individual Retirement Account (IRA).  I’d suggest this is something you should be thinking about right now.

Keep in mind that the deadline for making contributions to your 2021 IRA is Monday, April 18.  That’s right – you can still contribute and classify those dollars as a prior-year deposit until the federal income tax return filing deadline – and you may receive a tax deduction for doing so (provided that you are eligible for the deduction; be sure to consult your tax advisor for details).  Be aware that while you may request an extension for filing your tax returns, there is no such extension for the prior-year IRA contribution. 

Annual IRA contribution limits are $6,000 with an extra $1,000 “catch up” provision allowed for those age 50 and older.  Those limits are in place for both the 2021 and 2022 tax years. 

Here’s another suggestion - make sure your financial institution understands what year your contribution is to be classified.  In reality you can make either or both of your 2021 and 2022 contributions between January 1 and April 18.  Therefore, it’s imperative that you make your intentions known, so that your contribution is correctly processed. 

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